NASHVILLE, TN (WSMV) – Nashville has set a new record for the most apartments ever rented in a year and a record cost.
So far, approximately 15,000 apartments have been swapped this year in Nashville with just under two months remaining in the year.
“2021 is shaping up to be a banner year for apartment sales in Nashville,” said Joel Sanders, Founder and CEO of Apartment Insiders.
Sanders said the growth we’ve seen this year is unprecedented, but not surprising.
“It’s an insane number of people renting apartments. Demand is not weakening. The supply is not weakening. Supply is not meeting demand, ”Sanders said. “So that drives up rental rates. Rents have risen by over $ 100 in the last quarter, just the last three months in Nashville. “
Today, the average cost of an apartment in Davidson County is around $ 1,600. This is an increase from an average of $ 1,400 before the pandemic.
It’s not just tenants who pay more. Developers and investors are spending more money than ever to be in the “computer city”.
“Apartment sales have never really gone over $ 2 billion for the overall market,” Sanders said. “This year it will probably exceed $ 3 billion. This is a 50% increase over what it has never been before. “
Sanders said any construction we see around town will help lower the cost of rent. The more apartments built will help to compensate for the problem of supply and demand and eventually allow these high prices to come down.
“The good news is I think Nashville will continually be attractive to new developers, but the question is, can these developers keep up? Sanders said.
Click to learn more about Apartment Insiders or ask them to help you begin your apartment search.
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